Giddens- The Economy (socialism)

How did Giddens revise the traditional socialist view of economic policy?

Anthony Giddens redefined the socialist approach to economics by embracing market efficiency while demanding social fairness through pre-distribution.

What alternative to both central planning and neoliberalism did Giddens propose in The Third Way (1998)?

In The Third Way (1998), he rejected both centralised planning and neoliberalism, advocating for a “social investment state” that empowers individuals through education, childcare, and training.

What was Giddens’s position on wealth inequality and redistribution?

Giddens wrote: “No one should be allowed to become rich where others lack the means to subsist,” but he rejected traditional redistribution, instead favouring policies that prevent inequality before it arises.

When did Giddens believe inequality could be justified, and when was it unacceptable?

Inequality is tolerable only when it reflects meritocratic mobility, not structural exclusio

How did Giddens view the relationship between capitalism and ethics?

Capitalism must be embedded in ethical frameworks that promote social inclusion.

What did Giddens mean by describing markets as not “morally free zones”?

As Giddens argued, “markets are not morally free zones.” For him, the moral economy is not about punishing wealth but ensuring opportunity for all.